(RTTNews) - Asian stocks retreated on Friday as the U.S. jobs report loomed, China growth worries persisted, and traders remained on alert for a rising risk of Japanese authorities intervening to support the yen.
The dollar held steady in Asian trading and looked set to extend its longest weekly winning streak in over a year.
10-year U.S. Treasury yields hovered around nine-month highs after Federal Reserve officials signaled concerns that President-elect Donald Trump's policies could stoke inflation.
Gold edged up slightly to hover near a four-week high, while oil prices were on track for a third straight week of gains as cold weather gripped parts of the United States and Europe, boosting winter fuel demand.
Chinese markets fell amid concerns about slowing growth and deflation fears.
The benchmark Shanghai Composite Index tumbled 1.3 percent to 3,168.52 and the yuan slipped to a new 16-month low as the People's Bank of China announced a suspension of government bond purchases amid record-low bond yields.
Sunac China shares plummeted 26 percent after a liquidation petition was filed against the property developer.
Hong Kong's Hang Seng Index dropped 0.9 percent to 19,064.29, with real estate and tech stocks declining amid U.S.-China tensions and property sector woes.
Japanese markets tumbled due to Fed and BoJ policy uncertainties. The Nikkei 225 Index fell 1.1 percent to 39,190.40 while the broader Topix Index settled 0.8 percent lower at 2,714.12.
Uniqlo owner Fast Retailing slumped 6.5 percent following its disappointing earnings report. Among the top gainers, Nvidia supplier Advantest soared 5.1 percent.
Seoul stocks ended a five-day winning streak, with the Kospi finishing down 0.2 percent at 2,515.78. Tech stocks, battery makers and chemical companies led losses, while Hyundai Motor jumped after forming a strategic partnership with Nvidia for the development of advanced AI related to future mobility. Its affiliate Kia Corp rallied 2.2 percent.
Australian markets ended lower, dragged down by banks, energy and tech-related stocks.
The benchmark S&P/ASX 200 Index fell 0.4 percent to 8,294.10 even as weaker-than-expected domestic retail sales data spurred bets on a rate cut as early as next month.
Westpac Banking Corp shed 1.7 percent after Morgan Stanley cut its rating on the bank to underweight.
Across the Tasman, New Zealand's S&P/NZX 50 Index edged down by 0.4 percent to 12,895.98.
U.S. markets were closed on Thursday in honor of former President Jimmy Carter.
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